April 17, 2014
Thursday Edition
Chapter leaders meet in St. Augustine

Each year the LSCU & Affiliates brings the leaders of all 19 chapters together for a two-day event to promote networking and cooperation between the chapters. This week the leaders gathered in St. Augustine. The agenda included Sam Maule of Carlisle & Gallagher Consulting Group who spoke about innovation and how it is paramount in the financial industry sector.

Attendees also heard from peers about the successful chapter meetings and events that they are holding. The Northeast Florida Chapter presented on its Credit Union Education Program that teaches students the fundamentals of the credit union model. The Broward and Southernmost chapters talked about their successful golf outing and bowling nights.

Chapters learned more about tying in media relations to their events, how to get more involved in PAC fundraising and advocacy, and align closer to the Southeastern Credit Union Foundation. The LSCU & Affiliates Young Professional Group roundtable brought chapters into the discussion about promoting this group more to younger credit union staff. 

Attendees should come away from the Chapter Leaders Retreat with a greater sense of what their responsibilities are for being on the chapter board, the resources available from the League, and how they now have a network of people they can call on to make their chapter events more robust for the credit unions in their area.

To see pictures from the retreat, visit the League Facebook page.

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CFPB extends remittance rule shield

The CFPB is proposing a five-year extension to an exception that minimizes, for some credit unions and other financial institutions, certain information reporting requirements of its international remittance transfer rule.

The proposal will be available for comments for 30 days from the date it is published in the Federal Register. The agency is also proposing several clarifications and technical corrections to the final rule and commentary.

Under the CFPB rule, international remittance transfer providers are generally required to give prepayment and receipt disclosures to the consumer-sender that include the exchange rate, certain fees, and taxes associated with a transfer, and the amount of money that will be received on the other end of the transfer.

Remittance transfer providers will also be required to investigate disputes and correct errors. The rule has been in effect since Oct. 28.

The CFPB said it moved to extend the exception when institutions reported that current market conditions would make it impossible to know the exact fees and exchange rates associated with a minority of their remittance transfers.

For the complete story visit CUNA News Now.

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CO-OP announces agreement on Visa EMV common debit solution

LEVERAGE supports partner CO-OP Financial Services' recent agreement with Visa Inc. to make the Visa EMV common debit solution available to its credit union clients, offering a streamlined and cost-effective approach to debit EMV adoption.

This long-term agreement between CO-OP Financial Services and Visa enables development of regulation-compliant debit EMV solutions using a common Application Identifier (AID). Some development will still need to be done at terminals (both POS and ATM) in order to choose the common AID, a priority for industry organizations such as DNA. CO-OP helped found DNA in December 2013, and will continue to play a key role in its activities. Michelle Thornton, manager of core products for CO-OP, is a member of DNA’s board of directors.

The Visa EMV solution provides portability for debit card issuers, and network routing choices for merchants and ATM acquirers. It also supports all transaction types, including contact and contactless.

LEVERAGE will keep you updated as more information on this topic becomes available.

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CUNA compliance audios are back

The new audio posts are broken into smaller chunks, down from their former 60 to 90 minutes, and will be posted more frequently than before when they were offered on a quarterly basis. The new format allows users to pick and choose the topics they listen to.

The first editions of CUNA's newly formatted audio conference cover:

    • mortgage lending
    • latest NCUA developments
    • BSA and the U.S. Treasury Department's Office of Foreign Assets Control
    • other federal regulatory issues

    Printable handouts will also be provided as part of the CUNA programs. Short recordings on other topics will be posted in the coming months.

    Visit CUNA's website for more information.

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    In This Issue
    Thursday Edition
    Chapter leaders meet in St. Augustine
    CFPB extends remittance rule shield
    CO-OP announces agreement on Visa EMV common debit solution
    CUNA compliance audios are back
    LSCU & Affiliates Media

    Alabama Credit Union Act Update
    LSCU & Affiliates Director of Regulatory Advocacy Scott Morris goes over some of the important parts of the update to the Alabama Credit Union Act.

    President's 1Q Video
    LSCU president/CEO gives his first quarter video for 2014. He looks at the CUNA GAC, tax reform, and the new Southeast Credit Union Conference. He also talks about the 2014 Dues Rebate.

    Upcoming Event Deadlines
    Extended to April 22 Last Day for Early Bird Rate for OFAC & Bank Secrecy Act School – Birmingham, AL

    Extended to April 22 Last Day for Early Bird Rate – Disaster Recovery Conference – Mobile, AL

    Extended to April 24 Last Day for Early Bird Rate – Disaster Recovery Conference – Jacksonville, FL

    May 2 Last Day for Early Bird Rate – SAS Credit Union Conference - Tallahassee, FL
    Upcoming League Events
    TODAY - Risk Based Capital meeting in Birmingham
    TODAY - Examination Findings of the CFPB

    April 21 - Risk Based Capital Meeting in Gainesville
    April 22 Negotiable Instrument Precautions
    April 22 - Risk Based Capital Meeting in Tampa
    April 23 Ability to Repay-Comply with SFPB Rules
    April 23 - Risk Based Capital Meeting in Orlando
    April 24 - Risk Based Capital Meeting in Huntsville
    April 24 BSA Officer Duties & Update
    April 24 - Risk Based Capital Meeting in West Palm Beach
    April 25 - Risk Based Capital Meeting in Tallahassee
    May 13 SAS Credit Union Conference
    April 30 - Risk Based Capital Meeting in Mobile
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